Avoid the pitfalls of mortgage fraud by finding a reputable buyer
FOR IMMEDIATE RELEASE
The latest Experian fraud index report shows a serious spike in mortgage fraud, especially in the second half of 2011. About 49 out of 10,000 applications are now flagging as fraudulent and the credit records agency further reports that the fraud figures for 2011 are 77% higher compared to 2010.
This increase can seriously harm property owners looking to sell their house fast. There have been known occasions where a property sale with a fraudulent mortgage completes successfully. On the occasions where lenders investigate the transaction, mortgage fraud is discovered and in some of the cases a reversal sales transaction is applied.
If you are looking to sell your house fast, an unknown rogue investor may take advantage of your situation and make you fall in the trap. Many property investors with multiple properties are only interested in expanding their empires and with good industry knowledge and connections it is even easier to falsify applications and obtain rogue mortgages.
Expert property buyer, Evgeni Vachkov of St Genix says, "This is a growing problem in our industry and is something we are trying to protect ourselves and our customers from. We closely screen our network of over 300 UK property investors and cash buyers to make sure this doesn’t happen to our customers."
When property owners are looking to sell their houses fast due to financial problems, facing repossession or moving abroad, it can be extremely distressing to find weeks after the sale that they have been conned and have the go through the sale process over and over again which in turn is costing precious time and money.
"We want to ensure that by closely vetting an investors’ background and available mortgage deposit finances we can avoid this problem and closely match the right property investors to the right deals that are available. Furthermore St.Genix works with a panel of ‘safe’ solicitors and mortgage brokers to ensure fast and honest transactions." he adds.
You can find further advice and help with selling your property at the St.Genix website at www.stgenix.co.uk .